Livestock Roundup 11/16/22
Posted: Nov. 16, 2022, 8:13 a.m.
Cattle Summary
Daily Cutout Values
Choice: 258.36, Up .38 from the previous day.
Select: 231.76, Down 1.45 from the previous day.
Choice/Select Spread: 26.60
5 Area Average Cattle Price
Live Steer: N/A
Live Heifer: N/A
Dressed Steer: N/A
Dressed Heifer: N/A
Daily Slaughter
Estimated at 129,000. Unchanged from last week and 6,000 more than the same week last year.
Feeder Cattle Index
11/14/2022: 175.18
11/11/2022: 175.23
Cattle on Feed Estimates
On Feed: 98.3%
Placements: 96.4%
Marketings: 100.8%
Live Cattle
December live cattle have had a rocky start to the week, retreating back towards the low end of the recent range. We've been upbeat on cattle and remain upbeat, but the price action is disappointing. If the Bulls fail to defend support from 149.575-150.00, we may neutralize our bias. A failure could spur another wave of long liquidation, with little technical support until the 200-day moving average, 148.70-149.00.
Coming Soon: Seasonal Trend Alert for February Live Cattle that starts on November 27th. Contact us for more information.
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Feeder Cattle
January feeder cattle broke lower yesterday, following a spike in the grain markets. That move took prices below our 4-star support pocket, which could leave the door open for a further decline. With that said, grain markets are giving up some of yesterday's gains, which may act as a life preserver for feeder cattle. The Bulls will want to see a close back above 177.70-178.825 to prevent a retest of the October lows, 174(ish).
Coming Soon: Seasonal Trend Alert for January Feeder Cattle that starts on November 27th. Contact us for more information.
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Hogs Summary
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Lean Hogs
Lean hogs attempted to rally yesterday but ended the day right back near the 100 and 200 day moving average, which has been the case for five straight sessions. The Bulls want to see a close over 86.05-86.75 to encourage another leg higher and a push back at the psychologically significant 90.00 market.
Seasonal Trend in Play: December lean hogs have trended higher from November 9th to November 25th for 13 of the last 15 years.
For more information or ideas of how to trade this trend, contact our trade desk: 312-837-3938 or email Seasonals@BlueLineFutures.com
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